If the cross-price elasticity of demand for two goods is -4.5, then O a. the two goods are complements. b. one of the goods is normal while the other good is inferior. C. the two goods are substitutes. d.one of the goods is a luxury while the other good is a necessity.

If the cross-price elasticity of demand for two goods is -4.5, then O a. the two goods are complements. b. one of the goods is normal while the other good is inferior. C. the two goods are substitutes. d.one of the goods is a luxury while the other good is a necessity.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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